In what has become back-to-back setbacks for Adani, he is now in the verge of losing the tag of the richest person in India if his empire drives in a downward trend.

Among the appointments are the sons of Indian billionaires - Karan Adani, the son of India's richest man Gautam Adani and Anant Ambani, the son of India's second-richest man Mukesh Ambani. 

Several reports claimed that Ambani has jumped into the race to win what would be his major venture toward the world's biggest sport.

This trend didn't last long as Adani's fortune arrowed down later and he ended his day by plunging to his earlier spot - the third richest person in the world.

Mukesh Ambani is at number 11 on the list of billionaires with $91.9 billion. The net worth of Elon Musk and Jeff Bezos is currently at $251 billion and $153 billion respectively. 

While Tesla's founder Elon Musk is in the first place with $235.8 billion, India's Mukesh Ambani has been spotted at the 10th rank in the list with $90 billion.

As per the announcement, the corpus fund will be managed by the Adani Foundation and it will be spent on several social causes. 

The growth of social media and the surge in access to the internet had played a vital role in turning the business tycoons' zeal towards establishing or acquiring a media house. 

He claimed that amid the pandemic, all key economic indicators showed that the Modi government had steered the country to the path of growth.

Last year in November, Mukesh Ambani was ranked the wealthiest person in India and Asia and Gautam Adani was trailing him by about $2.2 billion.